Dollar gains against yen in Asia
Tuesday, 27 November 2007
TOKYO, Nov 26 (AFP): The dollar gained on the yen in Asian trade today, boosted by a rebound on Wall Street late last week after a busy start to the US holiday shopping season, dealers said.
The dollar rose to 108.57 yen in Tokyo morning trade from 108.17 in New York late last Friday.
The euro was steady at 1.4830 dollars after 1.4833, down from a record high of 1.4967 reached Friday. The euro firmed to 160.94 yen from 160.48.
"The dollar rebounded in the footsteps of US shares," said Masaki Fukui, forex strategist at Mizuho Corporate Bank.
US stock markets rallied Friday amid thin trading as a busy start to the US holiday season supported retail stocks.
Financial stocks were also boosted by reports that major US banks are spearheading a plan to set up a superfund to try to ease tight credit market conditions, dealers said.
Analysts now have mixed views on the outlook for the greenback, with markets waiting anxiously to see whether the euro can smash through the 1.50-dollar level for the first time.
Investors expect the greenback's recovery to be temporary as worries about the US subprime mortgage crisis remain strong, said Fukui.
The dollar rose to 108.57 yen in Tokyo morning trade from 108.17 in New York late last Friday.
The euro was steady at 1.4830 dollars after 1.4833, down from a record high of 1.4967 reached Friday. The euro firmed to 160.94 yen from 160.48.
"The dollar rebounded in the footsteps of US shares," said Masaki Fukui, forex strategist at Mizuho Corporate Bank.
US stock markets rallied Friday amid thin trading as a busy start to the US holiday season supported retail stocks.
Financial stocks were also boosted by reports that major US banks are spearheading a plan to set up a superfund to try to ease tight credit market conditions, dealers said.
Analysts now have mixed views on the outlook for the greenback, with markets waiting anxiously to see whether the euro can smash through the 1.50-dollar level for the first time.
Investors expect the greenback's recovery to be temporary as worries about the US subprime mortgage crisis remain strong, said Fukui.